First Business Financial Services, Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 1, 2026), First Business Financial Services, Inc. reported 192 stock positions worth $1.1 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 22.7% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.5%) and iShares Russell 1000 Growth (IWF, 6.9%). Compared with Q4 2025, it opened 27 new positions, sold out of 3, added to 86 and reduced 13. The biggest buy was a new position in Vanguard Short-Term Tips (VTIP) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −0%).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0001521951
Portfolio Value
$1.1B (Q1 2026)
SEC Filing
0001140361-26-018481 ↗ filed May 1, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $932.5M Q1 2024 Q2 2024: $943.3M Q2 2024 Q3 2024: $999.2M Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.1B $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 192 stocks · $1.1B
VTI VG Morningstar TS MKT ETF-US 22.74% 797,187 $255.7M Add +1.1%
IEFA iShares Core MSCI Eafe ETF 12.52% 1,556,046 $140.9M Add +2.8%
IWF iShares Russell 1000 Growth 6.95% 183,308 $78.2M Add +0.7%
IJR iShares Core S&P Small-Cap E 5.54% 500,941 $62.3M Add +1.7%
DGRO iShares Core Dividend Growth 5.21% 835,155 $58.6M Add +1.6%
IWD iShares Russell 1000 Value E 5.06% 266,206 $56.9M Add +1.4%
IJH iShares Core S&P Midcap ETF 4.25% 707,534 $47.8M Add +1.5%
AGG iShares Core U.S. Aggregate 3.32% 375,696 $37.3M Reduce -1.5%
SPY SS SPDR S&P 500 ETF Trust-US 2.53% 43,754 $28.5M Reduce -0.1%
FBIZ First Business Financial Ser 1.73% 361,311 $19.5M No change
JPST JPMorgan Ultra-Short Income 1.57% 349,703 $17.7M Add +60.6%
NVDA Nvidia Corp. 1.55% 99,950 $17.4M Add +5.8%
AAPL Apple Inc. 1.34% 59,469 $15.1M Add +4.5%
AVGO Broadcom Inc. 1.15% 41,647 $12.9M Add +10.1%
GOOGL Alphabet Inc. Class A 1.08% 42,161 $12.1M Add +8.2%
CIEN Ciena Corp. 1.04% 30,050 $11.7M Add +12.4%
JPM JPMorgan Chase & Co. 0.92% 35,340 $10.4M Add +10.1%
PWR Quanta Services Inc. 0.76% 15,527 $8.5M Add +10.0%
ANET Arista Networks Inc. 0.72% 66,173 $8.1M Add +12.1%
MSFT Microsoft Corp. 0.59% 18,047 $6.7M Add +2.1%
VTIP Vanguard Short-Term Tips 0.59% 132,822 $6.6M New
LRCX Lam Research Corp. 0.59% 30,841 $6.6M Add +14.8%
LLY Eli Lilly & Co. 0.52% 6,416 $5.9M Add +12.2%
MUB iShares National Muni Bond E 0.50% 52,980 $5.6M Add +17.4%
XOM Exxon Mobil Corp. 0.44% 29,246 $5.0M Add +8.7%
MTUM iShares MSCI USA Momentum Fa 0.43% 20,335 $4.9M No change
XLK SS Technology Select Sector 0.43% 36,498 $4.9M No change
COR Cencora Inc. 0.43% 15,341 $4.8M Add +11.6%
COST Costco Wholesale Corp. 0.41% 4,649 $4.6M Add +10.5%
C Citigroup Inc. 0.40% 40,051 $4.5M Add +11.5%
BRK.A Berkshire Hathaway Inc. Class A 0.38% 6 $4.3M No change
ADI Analog Devices Inc. 0.38% 13,374 $4.3M Add +11.8%
IVV iShares Core S&P 500 ETF 0.38% 6,474 $4.2M Add +10.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.34% 77,650 $3.8M Add +8.9%
TMUS T-Mobile US Inc. 0.32% 16,904 $3.6M Add +19.9%
GD General Dynamics Corp. 0.30% 9,862 $3.4M Add +11.8%
XLE SS Energy Select Sector 0.30% 54,244 $3.3M No change
NUE Nucor Corp. 0.30% 19,645 $3.3M Add +10.3%
EQIX Equinix Inc. 0.29% 3,297 $3.2M Add +11.9%
SYK Stryker Corp. 0.28% 9,665 $3.2M Add +11.2%
RSG Republic Services Inc. 0.28% 14,228 $3.1M Add +13.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.28% 19,471 $3.1M Add +8.5%
NEE Nextera Energy Inc. 0.28% 33,324 $3.1M Add +9.7%
KO The Coca-Cola Co. 0.26% 38,766 $2.9M Add +1.8%
EA Electronic Arts Inc. 0.26% 14,190 $2.9M No change
EXPE Expedia Group Inc. 0.25% 12,202 $2.8M Add +11.4%
PRU Prudential Financial Inc. 0.24% 28,046 $2.7M Add +11.6%
ICE Intercontinental Exchange Inc. 0.24% 17,277 $2.7M Add +17.2%
TXN Texas Instruments Inc. 0.23% 13,596 $2.6M Add +10.2%
AMZN Amazon.com Inc. 0.23% 12,366 $2.6M Add +14.2%
META Meta Platforms Inc. Class A 0.22% 4,321 $2.5M Add +12.4%
CSCO Cisco Systems Inc. 0.21% 31,050 $2.4M Add +2.4%
TOL Toll Brothers Inc. 0.21% 16,983 $2.3M Add +12.4%
XLI SS Industrial Select Sector 0.20% 14,013 $2.3M No change
LOW Lowe's Cos Inc. 0.20% 9,355 $2.2M Add +11.9%
RSSB RTRN Stack GLBL STK & BD ETF 0.19% 78,208 $2.1M New
DRI Darden Restaurants Inc. 0.19% 10,684 $2.1M Add +12.0%
OSK Oshkosh Corp. 0.18% 14,069 $2.1M Add +16.2%
NFLX Netflix Inc. 0.18% 21,126 $2.0M Add +6.2%
SLB SLB Ltd. filed as SLB LIMITED 0.18% 38,779 $2.0M Add +8.9%
GOOG Alphabet Inc. Class C 0.18% 6,884 $2.0M Reduce -0.2%
KR Kroger Co. 0.17% 26,349 $1.9M Add +17.1%
GLD SPDR Gold Shares 0.16% 4,247 $1.8M Reduce -19.1%
PM Philip Morris International 0.15% 10,458 $1.7M No change
AEP American Electric Power 0.15% 13,027 $1.7M Add +15.1%
ABBV Abbvie Inc. 0.14% 7,166 $1.6M Add +4.8%
IQV Iqvia Holdings Inc. 0.14% 8,964 $1.5M Add +13.1%
IWB iShares Russell 1000 ETF 0.13% 4,244 $1.5M No change
XLY SS Consumer Disc Select Sect 0.13% 12,902 $1.4M No change
VB Vanguard Most SM-Cap ETF-Usd 0.12% 5,070 $1.3M Add +0.6%
QCOM Qualcomm Inc. 0.12% 10,128 $1.3M Add +10.5%
PLTR Palantir Technologies Inc. Class A 0.11% 8,815 $1.3M Add +8.6%
CL Colgate-Palmolive Co. 0.11% 15,111 $1.3M Add +22.2%
IWM iShares Russell 2000 ETF 0.11% 4,950 $1.2M No change
GLW Corning Inc. 0.11% 8,962 $1.2M Add +7.1%
APO Apollo Global Management Inc. 0.11% 10,902 $1.2M Add +26.2%
XLF SS Financial Select Sector 0.11% 24,095 $1.2M No change
JNJ Johnson & Johnson 0.10% 4,647 $1.1M Add +0.3%
VOX Vanguard Communication Servi 0.10% 6,200 $1.1M No change
WMT Walmart Inc. 0.10% 8,814 $1.1M Add +6.1%
ATI Ati Inc. 0.10% 7,484 $1.1M No change
MRK Merck & Co. Inc. 0.09% 8,804 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.09% 2,199 $1.1M Add +7.4%
CRM Salesforce Inc. 0.09% 5,309 $991K Add +23.6%
IWO iShares Russell 2000 Growth 0.09% 3,132 $983K No change
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.09% 732 $967K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 3,205 $920K Add +8.0%
IWN iShares Russell 2000 Value E 0.08% 4,604 $873K No change
NULV Nuveen ESG Large-Cap Val ETF 0.08% 18,931 $861K Reduce -1.3%
XLC SS Comm Select Sector SPDR 0.07% 7,317 $811K No change
USMV iShares MSCI USA Min Vol Fac 0.07% 8,694 $806K No change
BLK BlackRock Inc. 0.07% 835 $803K No change
ETN Eaton Corp. PLC 0.07% 2,173 $777K Add +8.3%
PG The Procter & Gamble Co. 0.07% 5,360 $774K Reduce -15.7%
ACN Accenture PLC Class A 0.07% 3,889 $771K Add +0.1%
TDG Transdigm Group Inc. 0.07% 652 $756K No change
CTA Simplify Managed Futures St 0.07% 24,179 $731K New
AMD Advanced Micro Devices 0.06% 3,506 $713K Add +11.4%
SLV iShares Silver Trust 0.06% 10,330 $704K Reduce -15.5%
MDLZ Mondelez International Inc. Class A 0.06% 12,118 $698K No change

Show all 192 holdings

Portfolio Sells Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.1% 2.53% −0.21
AGG iShares Core U.S. Aggregate Reduce -1.5% 3.32% −0.18
GLD SPDR Gold Shares Reduce -19.1% 0.16% −0.03
FIS Fidelity National Info Serv Sold out 0.00% −0.02
GOOG Alphabet Inc. Class C Reduce -0.2% 0.18% −0.02
WFC Wells Fargo & Co. Sold out 0.00% −0.02
EXAS Exact Sciences Corp. Sold out 0.00% −0.02
MCD McDonald's Corp. Reduce -27.2% 0.04% −0.02
PG The Procter & Gamble Co. Reduce -15.7% 0.07% −0.01
SLV iShares Silver Trust Reduce -15.5% 0.06% −0.01
UNH Unitedhealth Group Inc. Reduce -14.7% 0.02% −0.01
HD Home Depot Inc. Reduce -7.8% 0.05% −0.01
USB US Bancorp Reduce -6.4% 0.02% −0.00
NULV Nuveen ESG Large-Cap Val ETF Reduce -1.3% 0.08% −0.00
ITW Illinois Tool Works Reduce -3.8% 0.06% −0.00
CAT Caterpillar Inc. Reduce -12.3% 0.04% +0.00

Portfolio Buys Q4 2025 → Q1 2026
VTIP Vanguard Short-Term Tips New 0.59% +0.59
JPST JPMorgan Ultra-Short Income Add +60.6% 1.57% +0.56
CIEN Ciena Corp. Add +12.4% 1.04% +0.46
PWR Quanta Services Inc. Add +10.0% 0.76% +0.21
RSSB RTRN Stack GLBL STK & BD ETF New 0.19% +0.19
LRCX Lam Research Corp. Add +14.8% 0.59% +0.16
XOM Exxon Mobil Corp. Add +8.7% 0.44% +0.14
IJR iShares Core S&P Small-Cap E Add +1.7% 5.54% +0.10
IEFA iShares Core MSCI Eafe ETF Add +2.8% 12.52% +0.09
ADI Analog Devices Inc. Add +11.8% 0.38% +0.08
EQIX Equinix Inc. Add +11.9% 0.29% +0.08
COST Costco Wholesale Corp. Add +10.5% 0.41% +0.08
CTA Simplify Managed Futures St New 0.07% +0.07
MUB iShares National Muni Bond E Add +17.4% 0.50% +0.06
TMUS T-Mobile US Inc. Add +19.9% 0.32% +0.05
SLB SLB Ltd. Add +8.9% 0.18% +0.05
NEE Nextera Energy Inc. Add +9.7% 0.28% +0.05
WTRG Essential Utilities Inc. New 0.05% +0.05
OSK Oshkosh Corp. Add +16.2% 0.18% +0.04
GLW Corning Inc. Add +7.1% 0.11% +0.04
KR Kroger Co. Add +17.1% 0.17% +0.04
TXN Texas Instruments Inc. Add +10.2% 0.23% +0.04
RSG Republic Services Inc. Add +13.9% 0.28% +0.03
AEP American Electric Power Add +15.1% 0.15% +0.03
BX Blackstone Inc. New 0.03% +0.03
USCI United States Commodity Inde New 0.03% +0.03
NUE Nucor Corp. Add +10.3% 0.30% +0.03
GD General Dynamics Corp. Add +11.8% 0.30% +0.03
PHM Pultegroup Inc. New 0.03% +0.03
SPDW Ste STR SPDR PT DW Eu ETF New 0.03% +0.03
IJH iShares Core S&P Midcap ETF Add +1.5% 4.25% +0.03
DRI Darden Restaurants Inc. Add +12.0% 0.19% +0.03
CL Colgate-Palmolive Co. Add +22.2% 0.11% +0.02
EOG EOG Resources Inc. New 0.02% +0.02
SGOL Abrdn Physical Gold Shares New 0.02% +0.02
PSX Phillips 66 New 0.02% +0.02
TJX TJX Companies Inc. Add +8.5% 0.28% +0.02
ICE Intercontinental Exchange Inc. Add +17.2% 0.24% +0.02
VZ Verizon Communications Inc. New 0.02% +0.02
SIVR Abrdn Physical Silver Shares New 0.02% +0.02
GEV GE Vernova Inc. New 0.02% +0.02
NSC Norfolk Southern Corp. New 0.02% +0.02
HLT Hilton Worldwide Holdings Inc. New 0.02% +0.02
C Citigroup Inc. Add +11.5% 0.40% +0.02
PPL PPL Corp. New 0.02% +0.02
SHEL Shell PLC-ADR New 0.02% +0.02
MPC Marathon Petroleum Corp. New 0.02% +0.02
TOL Toll Brothers Inc. Add +12.4% 0.21% +0.02
RDVI FT Vest Rising Dividend Achi New 0.02% +0.02
MGV Vngrd Mrgstr MG CP VL ETF-Ui New 0.02% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 201$1.3BVTI, IEFA, IWF, IJR, IWD
Q1 2026 192$1.1BVTI, IEFA, IWF, IJR, DGRO
Q4 2025 168$1.1BVTI, IEFA, IWF, IJR, DGRO
Q3 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q2 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q1 2025 170$1.0BVTI, IEFA, IWF, IJR, DGRO
Q4 2024 162$1.0BVTI, IEFA, IWF, IJR, DGRO
Q3 2024 159$999.2MVTI, IEFA, IWF, IJR, DGRO
Q2 2024 157$943.3MVTI, IEFA, IWF, IJR, DGRO
Q1 2024Amended 165$932.5MVTI, IEFA, IWF, IJR, DGRO